"If the next recession comes in the next couple of years it's hard to imagine Fed Funds being high enough that the Fed will be able to avoid returning to zero again with risks that QE4 will be needed," Deutsche Bank's Jim Reid said last week.

He added that "it would be heroic to think we won't see [zero-interest-rate policy] again at some time over the next 2-3 years."

Some of the biggest names on Wall Street, including Leon Cooperman, Jeff Gundlach, and Fed Chair Janet Yellen have discussed the potential for a recession in the past couple of weeks.

"It's hard to see where strength is going to come from; weakness is pervasive."

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Hedge fund billionaire Leon Cooperman isn't anticipating a recession

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"We don't anticipate a recession. If we are right that there is no recession, I'd expect that 2016 is a year where market breadth catches up to the averages," Cooperman, founder of Omega Advisors, said earlier this week in a CNBC interview.

Breadth is basically a measure of how many stocks are going up in the market against how many stocks are going down.

"If the economists are right, that there's no recession to forecast horizon and we have another year of economic growth. I would expect the market to broaden out.

Citigroup strategists estimate that there is a 65% chance of a recession next year

"The cumulative probability of US recession reaches 65 percent next year," Citi's rates strategists wrote in their 2016 outlook. "Curve inversion will likely come more quickly than the consensus thinks."

The previous five recessions were predicted by an inverted yield curve, and currently the 2-year/10-year spread — or the difference between the nominal yield on 2-year Treasuries and 10-year Treasuries — is down to 128 basis points, the tightest it's been in over six years.

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Janet Yellen says there is a limited chance of a US recession, even with the Fed's rate hike

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Speaking with reporters after the Fed's decision to hike rates, Federal Reserve Board of Governors Chair Janet Yellen said she can't put a specific probability on a recession happening in 2016, but she did challenge the Citigroup report that put the odds of a recession at 65%.

She also said she's certain the Fed put an end to the zero-interest-rate policy at just the right time:

"Were the FOMC to delay the start of policy normalization for too long, we would likely end up having to tighten policy relatively abruptly at some point to keep the economy from overheating and inflation from significantly overshooting our objective.

"Such an abrupt tightening could increase the risk of pushing the economy into recession."

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Bond guru Jeffrey Gundlach is pegging the odds of a recession at one-in-three

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"I would give it about a one-third chance for 2016. The things that are not looking good [are] nominal GDP is not improving year-over-year," Gundlach, founder of Doubleline Capital, said in a CNBC interview the day of the rate hike.

"Commodities prices, they hit again a new low today. And the dollar isn't even rallying, by the way. The dollar is the same levels; it is lower than it was in March and commodity prices are much lower.

"So you can't blame the recent commodity weakness on dollar strength, exactly. If commodity prices can't find footing, I think it's going to be weaker rather than stronger."

He cited the CRB index, a commodity-futures price index, which has fallen sharply.

"What is the CRB index doing dropping 14% from September 17 ... who knows? It is so big, I can't even quote it."

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Raoul Pal puts the odds of a global recession at 65% in the next 12 months

If it falls from its current level — 48.6 — to 47, Pal ratchets up his odds of a recession to a whopping 85%.

"If manufacturing is slowing down in America, it's slowing down in the rest of the world," Pal said in a recent interview. "Basically, ISM tracks GDP really well. It means GDP is falling, so growth in America is falling and growth is falling around the rest of the world."

JPMorgan analysts think there is a 76% chance of a recession by 2019

JPMorgan economists Michael Feroli, Daniel Silver, Jesse Edgerton, and Robert Mellman think there is a three-in-four chance that there will be a recession in the next three years.

"Fed rate hikes won't break the back of growth," they said in a note to clients, adding later: "Our longer-run indicators, however, continue to suggest an elevated risk that the expansion is nearing its end, and our preferred model now puts the probability of recession within three years at an eye-catching 76%."